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<p>[QUOTE=&quot;Cloudsweeper99, post: 1104312, member: 3011&quot;]This makes more sense - to produce 1M ounces per YEAR.&nbsp; That&#039;s a lot different from 1M per week.</p><p><br /></p><p>Regarding peak oil, the largest production on record was 2005.&nbsp; It hasn&#039;t exceeded that level since.&nbsp; Maybe it&#039;s becaue of the world-wide recession or maybe that was the peak.&nbsp; We won&#039;t know for a few years.&nbsp; I&#039;m not a strong believer in the peak oil theory, but there is no doubt that with decline rates of 5%+ for existing fields, it takes massive investments into exploration and production facilities to overcome this and grow production, and that just isn&#039;t happening.&nbsp; The first 4M of new production each year just goes to offset the decline elsewhere.</p><p><br /></p><p><a href="http://www.eia.doe.gov/aer/txt/ptb1105.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.eia.doe.gov/aer/txt/ptb1105.html" rel="nofollow">http://www.eia.doe.gov/aer/txt/ptb1105.html</a>[/QUOTE]</p><p><br /></p>

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